Morgan Stanley Boosts SLM (NASDAQ:SLM) Price Target to $32.00

SLM (NASDAQ:SLM - Free Report) had its price target lifted by Morgan Stanley from $26.00 to $32.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the credit services provider's stock.

A number of other research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $30.00 price objective (up previously from $27.00) on shares of SLM in a report on Monday, December 9th. Barclays reduced their price target on SLM from $27.00 to $26.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Wedbush restated an "outperform" rating and issued a $26.00 price objective on shares of SLM in a research report on Thursday, October 24th. JPMorgan Chase & Co. increased their target price on SLM from $24.00 to $27.00 and gave the company a "neutral" rating in a research report on Monday, December 9th. Finally, Bank of America began coverage on shares of SLM in a report on Wednesday, September 25th. They issued a "buy" rating and a $27.00 price target for the company. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $27.27.

SLM Stock Performance

NASDAQ:SLM traded up $0.60 during trading hours on Thursday, hitting $27.47. 4,258,422 shares of the company were exchanged, compared to its average volume of 1,888,478. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.29 and a quick ratio of 1.27. SLM has a 52-week low of $18.04 and a 52-week high of $28.22. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 9.57, a PEG ratio of 0.85 and a beta of 1.21. The company's 50 day moving average price is $24.71 and its 200-day moving average price is $22.58.

SLM (NASDAQ:SLM - Get Free Report) last released its earnings results on Wednesday, October 23rd. The credit services provider reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.30). The firm had revenue of $652.64 million during the quarter, compared to analyst estimates of $363.40 million. SLM had a net margin of 22.18% and a return on equity of 35.92%. During the same period in the previous year, the company earned $0.11 earnings per share. As a group, research analysts forecast that SLM will post 2.73 earnings per share for the current year.

SLM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.89%. This is a positive change from SLM's previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Thursday, December 5th. SLM's payout ratio is presently 18.12%.

Insider Buying and Selling at SLM

In other SLM news, Director Robert S. Strong sold 4,500 shares of the company's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $27.25, for a total transaction of $122,625.00. Following the sale, the director now owns 83,130 shares in the company, valued at $2,265,292.50. This represents a 5.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.20% of the company's stock.

Hedge Funds Weigh In On SLM

Institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in SLM by 3,800.6% in the third quarter. Assenagon Asset Management S.A. now owns 2,406,384 shares of the credit services provider's stock valued at $55,034,000 after buying an additional 2,344,691 shares during the last quarter. Millennium Management LLC grew its stake in shares of SLM by 107.1% in the 2nd quarter. Millennium Management LLC now owns 2,366,642 shares of the credit services provider's stock valued at $49,202,000 after purchasing an additional 1,224,015 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of SLM by 253.8% during the second quarter. AQR Capital Management LLC now owns 1,290,997 shares of the credit services provider's stock worth $26,840,000 after purchasing an additional 926,120 shares during the period. American Century Companies Inc. grew its position in SLM by 23.9% in the 2nd quarter. American Century Companies Inc. now owns 4,453,521 shares of the credit services provider's stock valued at $92,589,000 after buying an additional 859,625 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in SLM by 69.1% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,002,825 shares of the credit services provider's stock valued at $20,849,000 after buying an additional 409,624 shares during the period. Institutional investors and hedge funds own 98.94% of the company's stock.

SLM Company Profile

SLM Corporation, through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States. It is also involved in the provision of retail deposit accounts, including certificates of deposit, money market accounts, and high-yield savings accounts; and interest-bearing omnibus accounts.